We’re on course to achieve fiscal consolidation - Akufo-Addo
President Nana Addo Dankwa Akufo-Addo, has said the government is on course in its fiscal consolidation agenda.
He said the pursuit of strong economic growth and enhanced domestic revenue mobilisation would help the economy to rebound faster from the devastating effects of the COVID-19 pandemic.
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“The combination of strong growth and domestic revenue mobilisation will enable us to meet our fiscal deficit target for 2022, and reduce the debt-to-GDP ratio, thereby providing fiscal space to continue to implement programmes such as the Free SHS, One, District-One Factory and the Planting for Food and Jobs, initiatives among other infrastructure development to create more jobs for our youth,” the President said.
President Akufo-Addo was speaking at the investiture of a new Vice-Chancellor for the S D Dombo University of Business and Integrated Development Studies in Wa, Upper West Region, last Thursday.
Economic performance
He said data from the Ghana Statistical Service (GSS) put the average growth rate of the economy in the first three quarters of 2021 at 5.2 per cent, placing the country on course to exceed its provisional growth outturn of 4.4 per cent for 2021.
“Our growth performance compares favourably with the International Monetary Fund (IMF) growth estimate of 3.7 per cent for sub-Saharan Africa, and 3.6 per cent for ECOWAS countries.
“The Ghana Revenue Authority (GRA) exceeded its 2021 tax revenue target and we are confident we will achieve if not surpass the GH¢80 billion target for this year,” the President said.
Job creation
On job creation, the President said the government had set aside GH¢10 billion to support young entrepreneurs to create new businesses and expand existing ones for the next three years.
“The YouStart Programme”, an initiative of the government, will be the vehicle through which young entrepreneurs would gain access to capital, training, technical skills and mentorship to assist them to start their own businesses and also employ others”, he said.
He urged the SD Dombo University to be at the forefront of critically examining the initiative and make proposals for its enhancement.
“Under the YouStart Programme, the Ghana Enterprises Agency (GEA), which efficiently supervised the GH҃¢750 million CAP Business Support Programme to micro, small and medium-scale enterprises at the height of the pandemic and management of the National Entrepreneurship and Innovation Plan (NEIP), will provide direct financial and technical support to young entrepreneurs to turn thier businesses around to create jobs for the youth,” he added.
Commendation
The President commended Professor Philip Duku Osei and Mr Job Asante for their appointment as Vice-Chancellor and Registrar of the SD Dombo University of Business and Integrated Development Studies, saying “we have persons capable of laying a strong foundation for the rapid take-off of this university”.
He also said “the Vice-Chancellor’s induction into office is a mark of confidence the first-ever governing council of the university had reposed in him, and “I am confident that this trust will not be broken”.
“His wealth of experience from decades of service makes him an appropriate person for this all-important assignment. I want to assure him that my government will help ensure that the university fulfils its mandate,” President Akufo-Addo added.